Small Business
Debt Relief Program
Small Business Debt Relief Program
This program provides immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law.
Small Business Debt Relief Program - FAQ
7(a) loans not made under the Paycheck Protection Program (PPP), 504 loans, and microloans. Disaster loans are not eligible.
Borrowers may separately apply for and take out a PPP loan, but debt relief under this program will not apply to a PPP loan.
In general, businesses must meet size standards, be based in the U.S., be able to repay, and have a sound business purpose.
7(a) loans are an affordable loan product of up to $5 million for borrowers who lack credit elsewhere and need access to versatile financing, providing short-term or long-term working capital and to purchase an existing business, refinance current business debt, or purchase furniture, fixtures and supplies. In the program, banks share a portion of the risk of the loan with SBA. There are many different types of 7(a) loans. You apply for a 7(a) loan with a bank or a mission-based lender. If you require assistance, please fill in the Complementary Financial Analysis below.
The 504 Loan Program provides loans of up to $5.5 million to approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. It is a good option if you need to purchase real estate, buildings, and machinery. You apply through a Certified Development Company, which is a nonprofit corporation that promotes economic development. If you require assistance, please fill in the Complementary Financial Analysis below.
The Microloan Program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers to start up and expand. The average microloan is about $13,000.
Can your business benefit from Debt Relief Loan?
Find your best financing options through a complimentary financing analysis
Complimentary Financing Analysis